Emaar MGF, the famed builders of Commonwealth games village was accused of involvement in the infamous Emaar Property scam in the city of Hyderabad. Although Emaar is not the prime accused in the alleged scandal, the real estate developer had to bear the full blast of the media and local activist, its name overshadowing the primary accused in the Emaar Scam, Andhra Pradesh Industrial Infrastructure Corporation or APIIC just because of its global stature. Accused of undervaluing the plots of a residential community in the heart of Hyderabad, local media and activist had a field day when the news came out.
APIIC’s dream project, Boulder Hills Township is a luxurious upscale neighbourhood spread across 531 acres surrounded by lush greens of an 18-hole golf course and was developed together with Emaar. The township even boasts of its own shopping mall and a resort style 5 star hotel. However, this dream venture went awry as news of undervaluation of land started surfacing. In order to save face accused the global real estate developer, Emaar for dilution of public stake in the venture without their knowledge. Emaar MGF has vehemently denied these allegations and even if it holds a shred of truth, Emaar could not have done it without the government run state partner’s knowledge. With several famous names in the community list, Emaar scam became one of the most sensational news on media circuit. The real estate developer unwittingly became a victim of hasty media sensationalism. However, Emaar refuse to buckle to such implausible allegations and went out of its way to clear its name. And as the CBI investigation progresses, it is fast emerging that the real estate company has little to do with the scam and other parties including the state run APIIC needs more closer investigation. With CBI investigation clearing the role of Emaar in the alleged Emaar Property scam, the real estate builder has moved forward to concentrate on several important new projects it has undertaken. If rumours are to be believed, the capital city of New Delhi and the old city of Kolkata might see the first of its seven star hotels, developed and managed by none other than the world leader, Emaar Properties and its Indian part Emaar MGF.
Tracing its origin to Dubai, Emaar Properties is famous for the creation of the world’s tallest building – Burj Khalifa. Another magnificent work of Emaar is the Dubai Mall, which is the largest operational mall in the world. Making a highly successful operation in Dubai, Emaar Properties expanded to several other countries of the Middle East including Saudi Arabia, Syria, Jordan, Egypt, Turkey and Tunisia. Of lately, Emaar Properties has started taking active interest in third world countries like Africa and India and has forayed into the real estate sector of these countries making a successful conquest. Partnering MGF, Emaar entered the Indian real estate industry in 2005 with the brand name of Emaar MGF. With primary focus on the residential properties, Emaar has developed scores of luxurious township and integrated community all over the country. Leaving the minor fiasco of Emaar case, Emaar MGF and Emaar Properties as of today, has evolved as one of the best real estate developers in the country with properties that contemporary, stylish and steeped in elegance.
The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts regarding Emaar Property Scam